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Unformatted text preview: t Section: Utility Consider the following utility function a. What is the name for a utility function of this form?
C o b b D o u g l a s
b. Fix a utility level U = 10. Fill in the blanks below. Instructions: Round your answers to 2 decimal places. When X = 50, then Y = 2.00 ± 0.20 . 0.10 ± 0.01 , the marginal utility of Y is and the marginal rate of substitution for X with Y is 0.04 ± 0.01 . The corresponding marginal utility of X is 2.50 ± 0.01 , Explanation:
An utility function of the form U(X, Y)...
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This note was uploaded on 01/22/2014 for the course ECO 3352 taught by Professor Ax during the Fall '13 term at Troy.
- Fall '13